It would not appear to, but in effect, it would make the entire election simply based on popular vote.
Therefore your vote is not lost, it simply becomes equal.
This is far better than your vote actually being lost in the mass of California votes, since you, living in California, would still have some impact on the national outcome. And candidates, looking for popular votes instead of electoral votes, would have much higher incentive to campaign to all people, not just those in states where votes carry "more weight."
In all ways, this is more equal and more fair. Every election is a winner-take-all situation—it might as well be a winner-take-all situation where your vote actually has an impact independent of your state.
Therefore your vote is not lost, it simply becomes equal.
This is far better than your vote actually being lost in the mass of California votes, since you, living in California, would still have some impact on the national outcome. And candidates, looking for popular votes instead of electoral votes, would have much higher incentive to campaign to all people, not just those in states where votes carry "more weight."
In all ways, this is more equal and more fair. Every election is a winner-take-all situation—it might as well be a winner-take-all situation where your vote actually has an impact independent of your state.